Tencent-Backed Sea’s Digital Bank Bid in Singapore Targets Millennials
- Sea joins list of companies seeking to break into banking
- Singapore’s MAS will decide digital license winners mid-2020
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Singapore’s Sea Ltd., Asia’s best-performing internet stock in 2019, is seeking a full digital banking license in Singapore, becoming the first declared sole applicant for that category.
New York-listed Sea’s digital bank would focus on addressing the unmet needs of millennials and small businesses through technology, the company said in a statement. The Monetary Authority of Singapore said Tuesday that 21 groups made bids for the digital licenses, including seven for full digital banking licenses. Fourteen were for wholesale permits.